Philip Bilden, private equity investor and Army veteran, has withdrawn his nomination as US President Donald Trump's secretary of the US Navy, due to his business interests.
He is the latest in a series of Trump administration nominees who have rescinded their nomination over business interests.
This includes US Army secretary nominee and billionaire investor Vincent Viola; and labour secretary nominee Andrew Puzder.
Trump Navy secretary nominee withdraws nomination
Why Bilden withdrew his nomination?
Defense Secretary Jim Mattis said Bilden's decision was "driven by privacy concerns and significant challenges he faced in separating himself from his business interests." Concerns were raised regarding Bilden's vast holdings, many of which are in Hong Kong, which could've clouded his judgement.
Who is Philip Bilden?
Bilden had served in the US Army Reserve as a military intelligence officer from 1986 to 1996.
He subsequently co-founded HarbourVest Partners LLC, a private equity firm, where he spent nearly 25 years.
Bilden is one of the United States Naval Academy Foundation's board of directors and is in the board of trustees of the Naval War College Foundation.
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What does the Navy Secretary do?
The US secretary of the Navy plays the role of a chief executive officer for both the Navy and the Marine Corps, two of the most powerful wings of the US military.
Bilden's withdrawal a setback for Trump national security team
Trump's nation security team has struggled to find its footing since the administration began.
Navy Vice Adm. Robert Harward passed on the opportunity to become the NSA. Army Lt. Gen. H.R. McMaster has agreed to replace Flynn.